The Wembley home of the X Factor and Britain’s Got Talent live shows is set to close, it was announced today.

Independent Fountain Studios in Wembley Park Drive has been sold for £16million after its owners, Fountain Television Ltd, reported significant losses in the last year.

Richard Murray, chairman of Fountain’s parent company, Avesco Group, said in a statement: “Fountain Studios and its outstanding team of people have a long and proud history of television programme making in Wembley and the studios have over the years been home to many very successful television shows.

“However, the physical constraints of the Wembley site have limited Fountain’s ability to grow while at the same time property values in Wembley have increased substantially.”

Last year, Fountain made a pre-tax loss of £300,000 on sales of £5.3million.

Avesco believes selling off the studios will allow it to reduce its debt to “very modest levels”.

It is thought the studios will be demolished to make way for housing.

For 20 years, Fountain Studios has played host to top-rating reality television shows, including The X Factor, Britain’s Got Talent, The Cube, The Voice’s “battle rounds”, and All Star Mr and Mrs.

The Wembley community mourned the sale of the site on social media.

Martin Higg wrote: “Rather sad news to hear another TV production facility, Fountain Studios, is likely to be developed into flats within the year.”

Autoscript company Autoscript Hire wrote on Twitter: “Very sad to hear about the sale of Fountain Studios - we’ve had many happy years working there on some great TV #uk #television #studios.”

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